The Real Estate Regulation Act (RERA) went live on May 01st, at least officially. Conceptually, it is a great idea. Empowering the home buyer with greater transparency and protection is definitely a great idea for the long term health of the real estate industry. RERA is supposed to handle practical problems like cost overruns, time overruns, faulty structures, lack of information, legal title problems, lien issues, post hand-over maintenance, regulation of brokers etc. While 2 months may be a very short time to look back at the RERA implementation, there are certainly some key challenges that have cropped up along the way in the first couple of months of its implementation. Let us look at a few of them…
Taking RERA to the next level means overcoming these challenges…
It needs to be said that the RERA is probably facing teething problems which is natural in case of any legislation of this magnitude and importance. It must be said to the credit of this government that it has taken the initiative to bite the bullet on the subject of regulating real estate in a more realistic and meaningful manner. This was on the cards for a long time but institutionalization of the real estate was never really happening. From that perspective, India has surely made a good start in that direction. One only hopes that these small issues will get ironed out along the way. A lot will depend on the pace at which the states push their RERA agenda through and the extent to which they secure developers buy-in for the project.
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